Mission Valley Bancorp Announces Record First Quarter

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May 01, 2015, 06:57 ET

SUN VALLEY, Calif., May 1, 2015 /PRNewswire/ -- President & CEO Tamara Gurney of Mission Valley Bancorp (parent company of Mission Valley Bank) (OTCQX: MVLY) reports first quarter (March 31, 2015) earnings of $533,000 – the strongest first quarter in the history of the Bank.

"I am pleased to report that Mission Valley Bancorp is off to a solid start for 2015 reporting Net Income of $533,000 at March 31, 2015, up 48% from the record Q1 earnings reported for the same period 2014. Steady progress was made across the board throughout the first quarter as Total Assets surpassed $276 million from $268 million reported at March 31, 2014. To a great extent these improvements were fueled by solid loan growth as Net Loans surpassed $189 million at quarter end, up 13% from $167.5 million reported for March 31, 2014. In turn, Total Interest Income grew to $3.1 million during the same period – up nearly 9% from the $2.85 million reported at March 31, 2014. Additionally, our continuing steady improvement in asset quality precluded any need for provision expense for the quarter."

Gurney continued, "Total Deposits grew more than $7.3 million, reaching $235 million at March 31, 2015 from the $228 million reported for the same period in 2014. We saw Non-Interest Bearing Deposits increase by more than $8.5 million, while Interest Bearing Deposits decreased by $1.2 million. This shift in deposit mix facilitated a 20% reduction in Interest Expense for the same period year over year."

Gurney concludes, "Our Management and Board have taken bold steps to streamline operations and maximize performance. The results achieved during this first quarter of 2015 bear testament that the actions taken are having a significant and positive impact on the overall operations and performance of the company. Despite the progress made, the lessons learned in recent years have taught us to appreciate these successes while remaining ever vigilant. Our team is focused on the future and is looking ahead with the expectation of continued steady growth benefiting our Bank, our communities and our Shareholders. Notably, in March Mission Valley Bancorp paid the first ever common stock cash dividend of $0.05 per share to all shareholders of record as of March 16, 2015. Mission Valley continues to maintain its Well Capitalized position with a Total capital ratio of 17.9% -- far exceeding the federal guideline of 10%."

About Mission Valley Bank
Mission Valley Bank is a full-service, independent, commercial bank specializing in the banking needs of small to medium businesses in the San Fernando & Santa Clarita Valleys. The Bank was chartered in July 2001, with a vision of local ownership and a commitment to providing financial solutions to meet the needs of its clients.

Forward-looking statements:
Certain matters discussed in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current management expectations and, therefore, are subject to certain risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed, suggested, or implied by the forward-looking statements. Forward-looking statements are effective only as of the date that they are made and Mission Valley Bank assumes no obligation to update this information.

www.MissionValleyBank.com

SOURCE Mission Valley Bancorp